Naik said in a statement on Friday that Subrahmanyan was groomed for the top job ever since he was identified as a likely successor three years ago.

Subrahmanyan said that Naik as non-executive chairman will help bring continuity and stability into the organisation during the transition period.

Naik joined the company in 1965. He was named MD and CEO in 1999 and was appointed as chairman in 2003. He was scheduled to retire in 2012 but his term was extended for five years. The same year, L&T split the role of chairman and managing director, elevating Naik as executive chairman and naming K. Venkataramanan as MD and CEO.

Venkataramanan’s term ended in September 2015.

Subrahmanyan joined L&T in 1984. He was named deputy MD and president in September 2015. He heads L&T Construction and is president of L&T Infotech and L&T Technology Services. He is also responsible for the Metallurgical & Material Handling and Shipbuilding business verticals at L&T.

Subrahmanyan has a degree in civil engineering and a post-graduate qualification in business management. He began his career with L&T as a project planning engineer and soon made a name by successfully setting up the Ready Mix Concrete business for the first time in India. Besides, he is credited with establishing L&T Construction as a significant engineering, procurement and construction player in the Middle East.